Fed Announces $2.3 Trillion in Additional Lending

WASHINGTON (AP) — The Federal Reserve is taking additional steps to provide up to $2.3 trillion in loans to suport American households and businesses as well as local governments as they deal with the coronavirus.

The Fed said Thursday among the actions it is taking is the activation of a Main Street Lending Program that was authorized by the $2.3 trillion economic relief bill pass by Congress last month.

Federal Reserve Chairman Jerome Powell says the Fed’s role is to “provide as much relief and stability as we can during this period of constrained economic activity.”